State investments conservative, under control
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State investments conservative, under control

Date: February 9, 2009
By: Theo Keith
State Capitol Bureau

Intro: Missouri's State Treasurer says when times get tough, it's time to get conservative with the state's tax revenue investments.

Theo Keith has more from Jefferson City.

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OutCue: SOC
The state's investments are earning just over half of what they did two years ago.
 
But Secretary of Treasury Clint Zweifel says his office invests taxpayers' money in conservative investments.
 
This means the investments won't earn high yields, but they aren't as risky.

Actuality:  ZWEIFEL1.WAV
Run Time: 00:11
Description: We talk about different ways to stimulate the economy, they often involve additional spending, right? Well, the treasurer's office is unique because we can bring additional resources into the state and it doesn't cost the taxpayers additional money if we do it right.

Zweifel wants the legislature to change a state statute that limits what taxpayer money can earn on investments.

Zweifel says this discourages investments in Missouri firms.

From the State Capitol, I'm Theo Keith.


Intro: Missouri's tax revenue investments are earning nearly half of what they did two years ago and the State Treasureer says investment returns will only improve if money is invested within the state.

Theo Keith has more from Jefferson City.

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OutCue: SOC
Missouri is one of only two states with a law that makes it nearly impossible to earn interest on private in-state investments during tough economic times.
 
Secretary of Treasury Clint Zweifel wants to work with the legislature to change the law in order to keep tax investments local.

Actuality:  ZWEIFEL6.WAV
Run Time: 00:09
Description: We want to put money in Missouri because we know Missourians and Missouri-based institutions know how to put that money to work for Missourians, get them working, help small businesses, etc.


Zweifel says changing the law would provide a better yield for taxpayer dollars, and boost Missouri's economy.

There are currently no plans in the works to begin drafting these changes.

From the State Capitol, I'm Theo Keith.


Intro: Missouri's State Treasurer says all state investments are struggling, and conservative strategies are wise in tough economic times.

Theo Keith has more from Jefferson City.

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OutCue: SOC
With the return on state investments just over half of what it was in 2007, State Treasurer Clint Zweifel said conservative investments such as bank CD's are the safest bet.
 
Zweifel says the question that now faces state agencies is whether to take the risk or reward.

Actuality:  ZWEIFEL2.WAV
Run Time: 00:05
Description: They're all facing tough times right now. It's not something we're going to dig out of in a year or two.

Zweifel also says he wants to see reform in a law that caps the return of investments made in Missouri firms.

Zweifel said the change would bring in a higher yield on taxpayer money and help the state's economy.

From the State Capitol, I'm Theo Keith.


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